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Saving/Applying for a mortgage 2015/16/17/18/19

134689198

Comments

  • Registered Users, Registered Users 2 Posts: 6,818 ✭✭✭Inspector Coptoor


    It was a little more than 3 years, say 3 years and 3 months.

    Worked out at €850 rent a month and €2200 savings per month.

    We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

    Have to cut the cloth to measure at times


  • Moderators Posts: 12,380 ✭✭✭✭Black_Knight


    It was a little more than 3 years, say 3 years and 3 months.

    Worked out at €850 rent a month and €2200 savings per month.

    We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

    Have to cut the cloth to measure at times

    I get hit with the "you have to live a little too" every now and again. The woes of being the financial police in the relationship :pac: That said I did just buy a nice big telly last week.

    Getting married ourselves, so while our savings in total are pretty awesome, the majority of it are not being directed towards a house just yet. Probably be ready to buy just as prices peak.:(


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    We're putting the house first and then start wedding planning even though herself is preoccupied with it haha


  • Registered Users, Registered Users 2 Posts: 2,683 ✭✭✭zweton


    Folks, just wondering who are the best to go with at the moment.
    Have a meeting with PTSB next week so will see how that goes, i know they are doing a new cash back offer. We could be potentially looking to buy at the end of this year all going to plan etc. What bank are most going with here?


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    zweton wrote: »
    Folks, just wondering who are the best to go with at the moment.
    Have a meeting with PTSB next week so will see how that goes, i know they are doing a new cash back offer. We could be potentially looking to buy at the end of this year all going to plan etc. What bank are most going with here?
    Add your reply here.
    We will be going with BOI. We're both customers and have been very helpful have another meeting in February with them to finalise our application. We went before Xmas but hadn't enough saved but will have our deposit and stamp duty saved by the next meeting and new and improved salary Cert for my OH that now says permanent


  • Registered Users, Registered Users 2 Posts: 6,818 ✭✭✭Inspector Coptoor


    We've gone with BOI as well.

    We are gonna pay a 20% deposit and we're getting a rate of 3.6% fixed for 3 years and 4.1% after that.

    If we had less than 20% deposit, APR after fixed period would be 4.5% or 4.6%.

    Have taken it over 30 years but hope to pay it back in 22-25 years all going well.


  • Closed Accounts Posts: 4,166 ✭✭✭Tasden


    It was a little more than 3 years, say 3 years and 3 months.

    Worked out at €850 rent a month and €2200 savings per month.

    We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

    Have to cut the cloth to measure at times

    Fair play, and congrats on the marriage!


  • Registered Users, Registered Users 2 Posts: 2,683 ✭✭✭zweton


    New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)


  • Registered Users, Registered Users 2 Posts: 6,818 ✭✭✭Inspector Coptoor


    zweton wrote: »
    New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)

    No, you can't I'm afraid.

    €150k house requires a €15k deposit and €1.5k stamp duty so you'd need €16,500 just to cover that plus money to cover valuation, structural survey and solicitors fees.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    zweton wrote: »
    New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)
    Add your reply here.
    I was told you could by my advisor in BOI. For example house costs 120k but you need 18k to finish a builders finish house you'd need a 14k deposit but this a fake deposit. You'll only pay 12k and 1.2k stamp duty. That's the way I was told about it. Now I hope I'm not being fooled.


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  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    I'm guessing that's some form of "self-build" mortgage rather than an ordinary "buying an already completed house that needs renovations" mortgage.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Sleepy wrote: »
    I'm guessing that's some form of "self-build" mortgage rather than an ordinary "buying an already completed house that needs renovations" mortgage.
    Add your reply here.
    Not that I know of. I'll let ye that once I go back to them in a few weeks. I didn't get that feeling talking to them the last few times.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Just a question, wondering if it's possible to view a house without mortgage approval? we wouldn't be putting in a bid at that time just looking.


  • Registered Users, Registered Users 2 Posts: 6,868 ✭✭✭Alkers


    Yup, no issue there.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Simona1986 wrote: »
    Yup, no issue there.
    Add your reply here.
    Thanks, was thinking it'd be okay.


  • Posts: 24,714 [Deleted User]


    Santy2015 wrote: »
    Add your reply here.
    Thanks, was thinking it'd be okay.

    Tell the agent you have approval though or they probably won't give you the time of day.


  • Moderators Posts: 12,380 ✭✭✭✭Black_Knight


    Tell the agent you have approval though or they probably won't give you the time of day.

    Tell them you have approval and they'll probably tell you the wrong time.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Yeah I was going to do that and then hold off while we get approval


  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    Just don't mention it tbh.

    I'm picking up a rule of thumb is to tell the agent only two things: the time you'll be there to meet them for a viewing and the terms of your offer should you choose to make one.

    Anything else you volunteer, they'll attempt to use against you.


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  • Posts: 24,714 [Deleted User]


    Sleepy wrote: »
    Just don't mention it tbh.

    I'm picking up a rule of thumb is to tell the agent only two things: the time you'll be there to meet them for a viewing and the terms of your offer should you choose to make one.

    Anything else you volunteer, they'll attempt to use against you.

    Yeah, I agree I was sort of working off the assumption of them asking if you had approval rather than telling them of your own accord.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    So say nothing only if they ask.


  • Registered Users, Registered Users 2 Posts: 413 ✭✭REFLINE1


    Anyone been approved with a deposit exemption yet this year?


  • Registered Users, Registered Users 2 Posts: 6,868 ✭✭✭Alkers


    No, but be aware you will very unlikely get an exception for both criteria. Can you still afford to buy with a smaller deposit and a mortgage of 3.5 times your salaries?


  • Registered Users, Registered Users 2 Posts: 413 ✭✭REFLINE1


    Simona1986 wrote: »
    No, but be aware you will very unlikely get an exception for both criteria. Can you still afford to buy with a smaller deposit and a mortgage of 3.5 times your salaries?

    yes the income multiples isn't an issue for the size of mortgage we want but we are prob only 60% of the way to the required deposit size currently.


  • Registered Users, Registered Users 2 Posts: 6,868 ✭✭✭Alkers


    I would say it's a possibility so, once you are demonstrating good repayment capacity (be it in rent or current savings habits).


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  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Is it wise to put a bid on a house going by the property price register? I'd assume it's good practice on our part?


  • Banned (with Prison Access) Posts: 1,201 ✭✭✭tharmor


    Santy2015 wrote:
    Hi, me and my fiancée are currently saving up to buy our first home. I would like a few ideas as to what we should have saved to cover all costs with buying a house deposit, stamp duty etc.. I understand that we can get a mortgage of €130000/€140000 as herself has a car loan at present. We are saving €250 a week at the moment. We have about €7000 saved so far. Any help would be greatly appreciated. Thanks

    How soon are you planning to buy? If you can wait 15 months the best savings account is the nationwide uk Ireland one:

    You can claim back any dirt on it once you're ready to buy as well.

    Is the interest liable for any income tax ??


  • Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    tharmor wrote: »
    Is the interest liable for any income tax ??

    Nope, tax free as long it's being used as a deposit for a first time buyer.


  • Closed Accounts Posts: 2,203 ✭✭✭Parchment


    We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

    At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.


  • Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    Parchment wrote: »
    We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

    At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.

    Just be aware that there are a lot of horror stories about BOI when it comes to drawdown time, a lot of messing around, lost paperwork, requesting things that have already been provided etc. and I say this as a current account customer of theirs.

    The only additional hassle of applying with another bank was providing 6 months statements, which was simply a matter of downloading from online banking and uploading them to the mortgage portal (we went with AIB, all done completely online so no time off work required)


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  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Parchment wrote: »
    We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

    At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.



    Add your reply here
    We're going with BOI as well. They were the most helpful and we're both customers. I hope they don't mess us around when it comes to drawing down the mortgage though. They've been good so far


  • Posts: 24,714 [Deleted User]


    I know someone who went with BOI recently, same reason went with them as they were always customers and wanted as little hassle as possible, didn't even talk to other banks. They had no issues and said it was very easy from start to finish. All accounts were in BOI so salary proof etc is he only thing he had to provide. Draw down was easy also no hassle.


  • Registered Users, Registered Users 2 Posts: 12,564 ✭✭✭✭whiskeyman


    I know someone who went with BOI recently, same reason went with them as they were always customers and wanted as little hassle as possible, didn't even talk to other banks. They had no issues and said it was very easy from start to finish. All accounts were in BOI so salary proof etc is he only thing he had to provide. Draw down was easy also no hassle.

    Did they even shop around or look at what the rates are elsewhere?
    It is a kind of important, and big, purchase decision after all!


  • Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    whiskeyman wrote: »
    Did they even shop around or look at what the rates are elsewhere?
    It is a kind of important, and big, purchase decision after all!

    I suppose if you don't mind paying an additional 50 quid a month for 30 years to avoid some paperwork :)


  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!


  • Posts: 24,714 [Deleted User]


    whiskeyman wrote: »
    Did they even shop around or look at what the rates are elsewhere?
    It is a kind of important, and big, purchase decision after all!

    They said the rates were only a bit different and not worth the hassle of dealing with another bank so had a look yes but didn't actually go to talk to another bank or broker.


  • Registered Users, Registered Users 2 Posts: 7,518 ✭✭✭matrim


    Sleepy wrote: »
    I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!

    There is always the option to move mortgage in a few years if the BOI rates remain as the highest.


  • Closed Accounts Posts: 415 ✭✭Jentle Grenade


    We're reapplying tomorrow. When we initially applied about six months back we had minor credit card debt and my OH still had her GEM loan outstanding. Now we're in a better position, debt free and a further 15.5k added to our savings, but house prices in our preferred area have risen slightly in the last six months. We have two places in mind at the moment, one is a serious fixer upper but the location is great. Hopefully it'll be an easy approval process this time around.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    Going viewing a couple of houses tomorrow without mortgage approval but meeting with the bank again tomorrow as we have the required deposit saved reapplying tomorrow. So what will we say when viewing the houses? I don't want them to know that we don't have approval


  • Registered Users, Registered Users 2 Posts: 69,538 ✭✭✭✭L1011


    Santy2015 wrote: »
    Going viewing a couple of houses tomorrow without mortgage approval but meeting with the bank again tomorrow as we have the required deposit saved reapplying tomorrow. So what will we say when viewing the houses? I don't want them to know that we don't have approval

    Don't volunteer anything. There is a decent chance you won't be asked unless you're making an offer (which I wouldn't)


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  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    L1011 wrote: »
    Don't volunteer anything. There is a decent chance you won't be asked unless you're making an offer (which I wouldn't)

    Thanks, yeah we won't be making any offer. Not until I know fully that we've got approval.


  • Registered Users, Registered Users 2 Posts: 5,175 ✭✭✭angeldelight


    I suppose I can start participating in this thread - it's starting to look like we could be in a position to buy in 2016. Where we're looking there's a range of properties we're interested in from 220-320k. Obviously if we go for one at the lower end of the range there'd be a lot of work to do but I think we'd be ok with doing it piece by piece as we really want to only buy one house ever. It may not be practical but that's our intention for now anyway.

    We called in to KBC on Saturday just because they were open and had a chat with someone who seemed very positive about our position. Based on the 3.5x gross salary we'd qualify for a mortgage that would allow us to buy at the top of our range but we'd need a lot more for deposit. We have 21k saved currently so need to just keep the head down. We've a small amount of credit card debt which he didn't actually think would affect it so much as the stressed repayment was coming up at 1400ish and we've been paying 1100 rent for over a year and saving a good amount too even when I was on maternity leave.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    We've just over 15k saved but we'd be in the range of 130/150k so we'd be pretty okay. Living in a area where house prices aren't extortionate too helps. BOI told us we'd have no problem as we're saving nearly 1600 a month as we dont pay rent


  • Registered Users, Registered Users 2 Posts: 6,818 ✭✭✭Inspector Coptoor


    Sleepy wrote: »
    I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!

    I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.
    That's great. That 2% will be handy for us too. Were you waiting long for approval?


  • Registered Users, Registered Users 2 Posts: 6,818 ✭✭✭Inspector Coptoor


    No.
    Got approval in March last year.
    Took 10 months to find the house we wanted though.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    No.
    Got approval in March last year.
    Took 10 months to find the house we wanted though.

    From when ye applied did it take more then the 72 hours they've told us? When we first applied which was really only a tester really as we knew didn't have enough saved took 15 days


  • Registered Users, Registered Users 2 Posts: 5,175 ✭✭✭angeldelight


    Just thought of something, if we go with a broker do we pay them or do they get paid by the bank??

    The 2% cash back would be very handy as my parents may help us out if we need it at the end and it would be a quick way to repay them but we don't want to pay over the odds over the years either


  • Registered Users, Registered Users 2 Posts: 6,868 ✭✭✭Alkers


    I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.

    Is that 3 years fixed at 3.45%. I thought KBC were the lowest at 3.65%?

    We just got approval back from two banks for slightly above the 3.5 * salaries limit, the rest of the banks all approved us but only for 3.5 times.


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  • Registered Users, Registered Users 2 Posts: 6,818 ✭✭✭Inspector Coptoor


    Simona1986 wrote: »
    Is that 3 years fixed at 3.45%. I thought KBC were the lowest at 3.65%?

    We just got approval back from two banks for slightly above the 3.5 * salaries limit, the rest of the banks all approved us but only for 3.5 times.

    Yeah, 3 years fixed at 3.45%.

    The caveat is that we are paying a full 20% deposit of €86k on the house we are buying.

    To the previous poster, I can't remember exactly how long approval took.
    There was a lot paperwork to hand in but once it was all in, it took less than a working week.


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